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NEWS |
Vienna Insurance Group: preliminary first half-year profit before taxes 2016 of about EUR 200 million
by Mihai CRACEA, 2016-08-04
VIG announces preliminary consolidated profit before taxes of about EUR 200 million for the first half-year 2016. Thus, the result is in line with the given earnings outlook for the financial year 2016.
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AXA to sell its ROMANIAN operations to VIG
by Vlad BOLDIJAR, 2016-08-04
AXA and VIENNA Insurance Group (VIG) announced that they signed an agreement on August 3, 2016, through which the Austrian insurer would acquire 100% of AXA's Life & Savings insurance operations in Romania (AXA Life Insurance) through its BCR Life and OMNIASIG entities.
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Romanian insurer CARPATICA Asig sent into bancruptcy
by Mihai CRACEA, 2016-08-04
On July 27th 2016, the Romanian insurance supervisor withdrew local insurer CARPATICA Asig's operating license and begun bankruptcy procedures.
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Swiss Re 1H net income marked by catastrophe claims
by Vlad BOLDIJAR, 2016-08-04
Swiss Re reported a net income of USD 1.86 billion for the first half of 2016 (down from USD 2.26 billion in 1H 2015), "a solid result in a period marked by natural catastrophes, political uncertainty and volatile financial markets", as the company announced in a statement.
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AXA reported a 4% rise in its first-half net profit
by Vlad BOLDIJAR, 2016-08-04
The French insurance group AXA reported total 1H 2016 revenues of EUR 54 billion, down by 0.5% y-o-y, while the net income increased by 4% to EUR 3.2 billion, according to the activity indicators published by the group.
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GENERALI's H1 operating result dropped by 10.5% y-o-y
by Vlad BOLDIJAR, 2016-08-04
The Italian insurer Assicurazioni GENERALI reported a 10.5% drop in first-half operating result (to EUR 2.5 billion), and a 9.9% decrease in H1 2016 net profit (to EUR 1.2 billion) due to lower interest rates and unfavourable financial market conditions.
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STATISTICS: Bosnian insurance market remained on track during 1Q
by Vlad BOLDIJAR, 2016-08-04
According to the 1Q financial figures published by the two market authorities which supervise the Bosnian insurance market (Insurance Supervisory Agency of Federation of Bosnia and Herzegovina - NADOS, and Insurance Agency of Republika Srpska - AZORS) - the local insurance industry totalled almost EUR 75 million, at the end of March 2016, representing an increase of 7% y-o-y.
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STATISTICS: LATVIA, 1Q2016: Local insurers are losing market share to EU branches
by Vlad BOLDIJAR, 2016-08-04
According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 157.3 million at the end of March 2016, or 4% more y-o-y. The EU-branches' GWP increased by 11.2% to EUR 43.2 million (or 27.4% from the total amount of premiums), while the Latvian-based insurers accounted for the rest of 72.6% or EUR 114.1 million (up by 1.6% y-o-y).
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GREECE: PIRAEUS Bank sells ATE Insurance to ERGO Group for EUR 90 million
by Vlad BOLDIJAR, 2016-08-04
PIRAEUS Bank, Greece's biggest lender, has completed the sale of its ATE Insurance business to ERGO Group - part of German reinsurer MUNICH Re - for EUR 90.1 million. The transaction makes ERGO the largest property-casualty insurer in the market, and the price is subject to net asset value adjustments, ERGO said in a statement.
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UKRAINE: The financial regulator approved the acquisition HDI Strakhuvannya by EIG
by Vlad BOLDIJAR, 2016-08-04
The Ukrainian Commission for State Regulation of the Financial Markets has approved the acquisition of HDI Strakhuvannya by Bulgaria's EUROINS Insurance Group (EIG), a subsidiary of financial holding EUROHOLD. The deal in Ukraine comes after EIG has already acquired HDI Zastrahovane - the Bulgarian business of the Hannover based insurer TALANX International.
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STATISTICS: MACEDONIAN insurers' GWP down by 0.2% y-o-y during January-March
by Vlad BOLDIJAR, 2016-08-04
Macedonian insurers' gross written premiums decreased by 0.17% on the year to MKD 2.14 billion (EUR 34.75 million) in the first three months of the year, according to the country's insurance supervisory agency.
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STATISTICS: CYPRUS, 1Q2016: Life policies pushed the market up by 13.5%
by Vlad BOLDIJAR, 2016-08-04
At the end of March 2016, the insurance market of Cyprus totalled about EUR 218 million or 13.5% more than in the first quarter of 2015, according to a report of the Insurance Association of Cyprus.
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MMC Q2 revenues up by 5% y-o-y
by Vlad BOLDIJAR, 2016-08-04
The MARSH & McLENNAN Companies (MMC) reported Q2 2016 consolidated revenues of USD 3.4 billion, up by 5% y-o-y. The operating income increased by16%, to USD 726 million, while the net income attributable to the Company was up 13% to USD 472 million.
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AON Q2 net income up by 53% to USD 272 million
by Vlad BOLDIJAR, 2016-08-04
The risk and insurance brokerage services provider AON reported a net income attributable to shareholders of USD 272 million (or USD 1.01 per share ) for the second quarter of the year, compared to USD 178 million (USD 0.62 per share), for the prior year quarter.
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UPDATE: ALLIANZ Russia's IFS rating settled by Fitch at BBB- with a Negative Outlook, while National IFS rating stands at 'AAA (rus)' with a Stable Outlook
by Daniela GHETU, 2016-08-04
On July 7th, the Moscow office of Fitch Ratings has announced the assignment to Russia-based JSC IC Allianz (Allianz Russia) an Insurer Financial Strength (IFS) rating of 'BBB-' with Negative Outlook and a National IFS rating of 'AAA (rus)' with a Stable Outlook. The Negative Outlook mirrors that on Russia's sovereign Long-Term Local Currency IDR, therefore the company's rating is in fact set at the maximal level available for any Russia-based company.
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Bulgarian EIG H1 premium income up by 3.3% y-o-y
by Vlad BOLDIJAR, 2016-08-04
Bulgarian-based EUROINS Insurance Group (EIG) reported gross written premiums of EUR 119.76 million during January-June 2016, 3.27% more y-o-y, the financial holding EUROHOLD announced in a statement.
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Natural catastrophes and the challenging environment lowered the SCOR H1 net income
by Vlad BOLDIJAR, 2016-08-04
The French reinsurer SCOR announced a 15.9% y-o-y decrease in its H1 net income to EUR 275 million "due to a high number of natural catastrophes and a challenging macroeconomic environment". At the same time, the value of gross written premiums was up by 5.9% y-o-y to EUR 6.73 billion, due to a double-digit increase of SCOR Global Life and a sub-unitary growth-rate reported by SCOR Global P&C.
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NN Group to sell Mandema & Partners to Van Lanschot Chabot
by Vlad BOLDIJAR, 2016-08-04
NN Group and Van Lanschot Chabot have reached an agreement on the sale of Mandema & Partners to Van Lanschot Chabot. NN Group pointed out that the transaction is subject to regulatory approval and the advice of the workers' council of both Mandema & Partners and Van Lanschot Chabot, and is expected to close in the fourth quarter of 2016.
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BELARUS: "Open" the market for foreign strategic investors
by Olesea ADONEV, 2016-08-04
The National Bank of Belarus has worked out a project named "Strategy of developing financial market in 2016-2020", which involves liberalization of the local insurance market and the equal rights of private insurance with government organizations.
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RUSSIA: ROSGOSSTRAKH is analyzing the entrance on the Chinese life insurance market
by Olesea ADONEV, 2016-08-04
Russian insurance group ROSGOSSTRAKH could become one of the founders of a new life insurance company in China - GUOHE Life Insurance, announced ANXIN Trust Co. Ltd. China, the initiator of this new insurer.
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Brian TRACY in Baku, Azerbaijan!
by Olesea ADONEV, 2016-08-04
On October, 31 2016 Brucke GmbH will hold a Business Seminar of the year with a legendary Brian TRACY in Baku, Azerbaijan. The topic of the program is "How The Most Successful Managers Grow Their Business in Any Market?"
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Chicago Insurance Forum to emphasize shifting the cultural mind-set of the industry to a data-centric approach
by Adina TUDOR, 2016-07-27
The insurance sector has been grappling with data for decades and is perhaps one of the oldest institutions to practice what it would now be considered Data Science and analytics. The inherently risk averse nature of Insurance has historically demanded Actuaries to implement rigorous statistical and mathematical processes to enable the quantification of risk into a packaged, saleable product.
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| TOP
EVENT |
| STATISTIC
UPDATES |
| ON THE MOVE |
| EVENTS |
Solvency 2 - Lessons Learned
September 6, 2016
Hotel Union Ljubljana, Slovenia
Organizer: AZN - Insurance Supervision Agency
6th Annual Managing Insurance Assets Conference
September 8-9, 2016
London, United Kingdom
Organizer: Marcus Evans
Media Partner: XPRIMM Publications
For details: marcusevans-conferences-paneuropean.com
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Claims Transformation Forum
September 13-14, 2016
London, United Kingdom
Organizer: IQPC - International Quality
and Productivity Center
Media Partner: XPRIMM Publications
For details: claimstransformation.com
Les Rendez-vous de Septembre 2016
September 10-15, 2016
Monte Carlo, Monaco
XPRIMM Publications stand at Fairmont Hotel
For details: www.rvs-monte-carlo.com
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Chief Data Officer Forum Insurance 2016
September 15, 2016
Swissotel Chicago, Illinois, USA
Organizer: Corinium Global Intelligence
Media Partner: XPRIMM Publications
For details: www.chiefdataofficerinsurance.com |
| ANALYSIS |
 A comeback for mutual insurance? Swiss Re sigma report investigates
The mutual insurance sector has undergone a modest recovery in recent years, says Swiss Re's latest sigma report "Mutual insurance in the 21st century: back to the future?" Mutual insurers' share of the overall insurance market increased from 24% of direct premiums written in 2007 to just over 26% in 2014, reversing some of the declines of previous decades.
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| PRESS
CUTTINGS |
| CURRENT
XPRIMM REPORTS |
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